30-year fixed mortgage rate declines slightly

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace 4.18 percent, down from 4.23 percent at this same time last week.

The 30-year fixed mortgage rate remained stable for the majority of the week, peaking on Wednesday at 4.26 percent before dropping to the current rate over the weekend.

“Last week, rates dipped abruptly after China’s lackluster manufacturing report triggered concerns about the health of the global economy,” said Erin Lantz, director of mortgages at Zillow. “This week, markets will look to Wednesday’s Fed announcement about unwinding its stimulus program and Thursday’s GDP numbers as indicators of whether the U.S. economy can continue to improve. Mortgage rates could be affected by either or both.”

Additionally, the 15-year fixed mortgage rate this morning was 3.18 percent and for 5/1 ARMs, the rate was 2.80 percent.